As the name suggests, the President’s Budget is in fact a wholesale concoction of the executive branch. In the formulation of their Budgets, administrations of every stripe are free to construct a government, and more relevantly, an economy largely of their choosing.
In a recent study funded by the National Institute on Aging, researchers found that Medicare Part D coverage is associated with fewer hospital admissions and lower associated costs.
If you like your plan you can keep it, well at least until 2017. That is the announcement from the Obama administration late Wednesday after a November promise that Americans would be allowed to remain on health care plans set for elimination because they do not meet the Obamacare coverage standards.
Tucked into the sea of red ink outlining the administration’s priorities for the coming federal fiscal year are a handful of initiatives for higher education. Despite lip service to some of the challenges facing our country’s higher education sector, such as growing costs, rising student debt, declining enrollment and uneven achievement among minorities and low-income students, the administration’s proposed budget would do little to address these issues.
The Medicare Advantage program is bracing for another round of deep cuts as a result of the Affordable Care Act (ACA) and further reductions proposed by the Centers for Medicare and Medicaid Services.
After a snow delay, the president’s budget was released yesterday. AAF’s team of policy experts quickly went to work reading the document and breaking down what it means. In reviewing the spending and taxes in the president’s budget, AAF finds:Tax revenue increase of $1.8 trillion; Spending increase of $2.5 trillion over the budget window, or a 71% increase; Record deficits requiring additional borrowing of over $1 trillion in the next two years; and Higher interest payments on the debt, totally $812 billion in 2024.
The American Action Forum (@AAF) released an overview of the president’s Fiscal Year 2015 budget, as well as analysis of key spending priorities.
Included in President Obama’s FY2015 budget proposal is $68.6 billion for the U.S. Department of Education, a roughly $1.3 billion increase over FY2014.
Taxes: The president’s budget proposes increasing tax revenues by $1.8 trillion, raising tax revenues as a share of the economy by over two percentage points above historic norms by the end of the budget window.
Through a combination of tax reform, the Opportunity, Growth, and Security Initiative, and Department of Labor (DOL) investment, the president’s budget contains a myriad of infrastructure and job training programs aimed at increasing employment, improving mobility, and reducing poverty. It should not be a surprise that the president’s budget promotes raising the federal minimum wage and extending unemployment benefits, despite both having negative labor market implications. However, the president also proposes expanding the earned income tax credit (EITC) for childless adults, as he promised to do in his State of the Union address.